North America Adhesives and Sealants Market Growth& Forecast Report by 2028; Major Growth Opportunities Fortune Business Insights™ 

 The global North America adhesives and sealants market size is expected to gain momentum by reaching USD 19.35 billion by 2028 while exhibiting a CAGR of 4.2% between 2021 to 2028. In its report titled "North America Adhesives and Sealants Market, 2021-2028,"Fortune Business Insights mentions that the North America adhesives and sealants market price stood at USD 14.00 billion in 2020.

The growing demand for packaged food items, residential apartments, automotive, leather, and furniture industries owing to an increased standard of living in the region is expected to fuel the market growth in upcoming years. Furthermore, government initiatives to popularize lightweight vehicle production and strict regulations to minimize carbon emissions are key drivers favoring the growth of the market.

COVID-19 Impact

The pandemic has affected the industrial sector adversely. It has impacted supplies of raw materials for adhesives and sealants.used in the chemical industry is now diverted towards the manufacturing of hand sanitizers and other cleaning products. Furthermore, the construction and repairing projects were also at a halt due to lockdown. However, the market is expected to come back to the pre-pandemic level during the forecast period.

 Market Segmentation:

By the sealant resin type, the market for North America adhesives and sealants is divided into silicone, polyurethane, emulsion polysulfide, and others. On the basis of sealant application, it is segmented into building & construction, automotive & transportation, consumer, and others.

Based on application, the building & construction segment held a major share in the market owing to increased government spending on various residential and non-residential projects. In addition, the rising awareness about green building construction may provide profitable growth opportunities.

Finally, based on region, the market is divided into Canada and the U.S.

Browse Complete Report Summary:

https://www.fortunebusinessinsights.com/north-america-adhesives-and-sealants-market-105576

Driving Factor

Presence of Key Packaging Players to Propel Market Growth

Increased investments by governments in construction projects are expected to drive adhesive and sealants market growth. Additionally, increased disposable income has positively influenced the demand for residential buildings. For example, if silicone sealants are used in buildings, it provides weather protection. Besides buildings, it also helps in preventing cracks in highways and airport runways. The rising demand for DIY projects and the rising popularity of wallpapers have increased the product's demand.

Moreover, the presence of packaging key players such as Ball Corporation, Owens Illinois, and International Paper has increased the demand for packaged food & beverages. Thus, fuelingNorth America adhesives and sealants market growth.

 

List of Key Players Profiled in thisMarket Report:

  • Henkel Corporation (Düsseldorf, Germany)
  • Sika AG (Baar, Switzerland) 
  • Fuller Company (Minnesota, U.S.) 
  • Evonik Industries (Essen, Germany) 
  • RPM International Inc. (Ohio, U.S.)
  • Dow (Michigan, U.S.) 
  • Wacker Chemie AG (Munich, Germany)
  • Arkema (Colombes, France) 
  • Pecora (Pennsylvania, U.S.)
  • Momentive (New York, U.S.)
  • MBCC Group (Mannheim, Germany) 
  • PPG Industries (Pennsylvania, U.S.)
  • The Sherwin-Williams Company (Ohio, U.S.)
  • Other Key Players
  • RPM International Inc.

Country Insights

Increasing Demand for Recycled Products in the U.S. to Aid Growth

North America adhesives and sealants market share in the U.S. stood at USD 11.88 billion in 2020. The country is expected to experience considerable growth due to the increasing demand for recyclable products during the forecast period. 

Theincreasing demand for lightweight vehicles in Canada drives the automotive adhesive and sealants market growth in the region. In addition, Canada accounts for 10% of automotive manufacturing GDP. The report suggests that in 2019 the region revenue was worth USD 98 billion, which included both heavy and light vehicles. Furthermore, the surge in demand for electronics devices such as laptops, smartphones, electronic components is likely to drive the regional market growth.

Competitive Landscape

Key Players to Focus on Facility Expansion to Intensify Competition

The market for North America adhesives and sealants is consolidated by the presence of major companies striving to maintain their position by expanding their services and facility expansion to develop new technologies in the market. For instance, in August 2020, Henkel Adhesive Technologies constructed a high-tech production line for UV-curable acrylic pressure-sensitive adhesives (PSA) at its Salisbury situated in North Carolina. This new facility is expected to be operational by the end of 2021. Additionally, it will help strengthen the company's capabilities portfolio to provide innovative and sustainable pressure-sensitive adhesives solutions to industries such as graphic films, medical and tape markets. Other key players in the market are adopting proactive strategies such as collaborations, acquisitions, mergers, and facility expansion to favor the market's growth in the forthcoming years.

Industry Development

December 2020: Sika came up with advanced polyurethane technology. It named the brand as t PURFORM. This new Purform technology is highly adaptive and versatile. Therefore, allows the manufacturing of high-performance and durable polyurethane products.

 

Comments

Post a Comment

Popular posts from this blog

Global Gallium Nitride Device Market Promising Industry Trends, Business Guidelines, Development Strategies | Russia Ukraine War Impact on Gallium Nitride Device Market

  The global   gallium nitride (Gan) device market   is set to gain impetus from the high demand for fast chargers worldwide. This information is given by   Fortune Business Insights™   in a new study, titled, “ Gallium Nitride Device Market Size, Share & Industry Analysis, By Device Type (Opto-Semiconductor Device, Power Semiconductor Device, and RF Semiconductor Device), By Wafer Size (2-Inch Wafer, 4-Inch Wafer, and 6-Inch and Above Wafer), By Component (Transistor, Diode, Rectifier, Power IC, and Other), By Application (Light Detection & Ranging, Wireless and EV Charging, Radar and Satellite Radio Frequency, and Others), By End User (Aerospace, Defense, Healthcare, Renewables, Information and Communication Technology, and Others) and Regional Forecast, 2020-2027 .” The study further mentions that the GaN device market size was   USD 20.56 billion   in 2019 and is projected to reach   USD 28.40 billion   by 2027, exhibiting a CAGR of 4.28% during the forecast period. Impact
Read more

Non-alcoholic Beverages Market Size, Share, Forecasts Analysis, Company Profiles, Competitive Landscape and Key Regions 2027

  Global  non-alcoholic beverages market  size is anticipated to rise significantly on account of the current trend of health and fitness and the rising inclination towards healthy beverages. The value of this market was USD 919.13 billion in 2019 and is expected to rise at a CAGR of 8.20% between” 2020 to 2027 to reach USD 1,257.77 billion by the end of 2027.   Increasing Popularity of Refreshment Drinks to Aid in Favor The increasing prevalence of various acute and chronic diseases have encouraged people to adopt a healthy lifestyle. These habits include regular exercise and fitness and consumption of nutritional food and beverage products. The rising inclination towards healthy lifestyle and eating habits is the key factor promoting the global non-alcoholic beverages market growth. In addition to this, the increasing popularity of refreshment drinks and the advent of innovative flavors and taste will add a boost to the growth of the market in the forecast period. On the cont
Read more

eVTOL Aircraft Market Trends, Size, Growth Insight, Share, Competitive Analysis, Regional and global Industry Forecast To 2028

  The global   eVTOL aircraft market   size was estimated to be worth  USD  1.11 billion   in 2020 . The market value is expected to increase from  USD 5.41 billion in 2021 to USD 23.21 billion   in 2028  at a  CAGR of  23.13 %  during 2021-2028. Growing urbanization, increasing traffic congestion, and the need for smarter transportation solutions are some of the major factors propelling the market forward.  Fortune Business Insights  presents this information in its report titled  “ EVTOL Aircraft Market, 2021-2028."                  Electric vertical take-off and landing aircraft are increasingly gaining traction across the globe. This technology represents the next generation of transportation solutions that are safer, quieter, and cleaner. Such aircraft work on electric propulsion, making them a sustainable option compared to conventional air carriers. The demand for this technology will increase significantly in the next few years, powered by increasing demand for urban air m
Read more